that you want to be at the center, at the koefr, yes, you want to own sovereign bonds in germany and france and canada that basically have low deficits and that aren't at risk in terms of this carry trade and the levered trade that has been taking place. so yes, come back to quality in the bond market certainly and be careful in terms of risk assets on the periphery of the balloon. >> bill, you said earlier in nongtd that if the uk government sticks to its current plan for reducing the budget deficit there's an 80% chance it loses the aaa rating. in your latest note to investors, you even discussed this. you said you would stay clear of uk government bonds. tell me about the dangers there. not all bonds are the saechlt we want to decipher which ones to hold and which to -- >> let me say the uk is not going to default. it's just like greece in that regard. what the uk can do as opposed to greece is basically reflaet and devalue its currency. to the extent you have uk guilts denominated in pounds, you are at risk not from default but from relation and at risk of devaluation in terms of the pr